0

ADIA, Kotak to invest ₹2,001 crore in Prestige Group’s four housing projects – today news

[ad_1]

BENGALURU : The Abu Dhabi Investment Authority (ADIA) and Kotak AIF will invest 2,001 crore in four residential projects by real estate developer Prestige Group. The funds will be used to develop projects in Delhi, Mumbai, Bengaluru, and Goa.

This investment marks ADIA’s maiden venture into India’s residential real estate market, expanding beyond its previous commitments in commercial office spaces.

“The kind of opportunities coming up in the residential sector is huge. The partnership with ADIA-Kotak is long term. The four projects are large, of around 13.5 million sq ft together. Given the increasing demand and consolidation in the sector, this deal will help in accelerating growth and expansion,” Venkat K Narayana, group chief executive of Bengaluru-based Prestige Group told Mint.

Narayana said land for the projects in the four cities has been secured, boasting a combined gross development value (GDV) exceeding 18,000 crore.

India’s residential real estate market has witnessed a surge post-pandemic, with companies like Prestige Group, DLF Ltd, Godrej Properties Ltd, and Macrotech Developers Ltd witnessing substantial sales growth in recent years.

Prestige Group, which now has presence across multiple cities, could likely clock around 20,000 crore of home sales in 2023-24.

Irfan Razack, chairman and managing director, Prestige Group, said, “This marquee deal not only underscores the confidence of institutional investors in Prestige Group’s execution and corporate governance but also reflects our shared commitment to delivering excellence in real estate development pan-India.”

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.

More
Less

Published: 01 Apr 2024, 11:28 AM IST

[ad_2]

Source Link